National Bank of Greece SA (NBG)

"Greece should be put into a debt forgiveness program just like a bankrupt African country," writes The Economist, whose latest cover features the Greek goddess Aphrodite pointing a gun at German leadership: "Go Ahead Angela, Make My Day."

The magazine's solution: Get new PM Tsipras "to junk his crazy socialism and to stick to structural reforms in exchange for debt forgiveness - either by pushing the maturity of Greek debt out even further, or, better still, reducing its face value."

Punished Greek stocks are enjoying a bounce today as new finance minister Yanis Varoufakis makes the rounds in Europe.

Playing hardball with Greece's new leftist government, Germany's Angela Merkel ruled out a debt writedown for Greece on Saturday, while a ECB policymaker threatened to cut off funding to Greek banks if Athens does not agree to renew its bailout package.

Prior to his election, Prime Minister Alexis Tsipras pledged to renegotiate agreements with the troika and write off much of Greece's €320B debt, saying that five years of austerity, "humiliation and suffering" were over.

Europe's bailout program for Greece, part of a €240B rescue package also involving the IMF, expires on Feb. 28.

The election result "prolongs financing, liquidity and economic growth risks" for Greece as it "throws into question the new government's ability to renew Greece's financial support program with the troika," says Moody's.

New Prime Minister Alexis Tsipras has pledged to renegotiate his country's bailout terms, but the troika - at the moment - is having none of that.

The yield on 10-year Greek government paper jumps another 48 basis points today, and is now up to 9.5%. Stocks in Athens are lower by another 4% in today's session.

The Athens Stock Exchange General Index is down 3.2% and the FTSE/Athens Stock Exchange Large Cap Index off 5.6%, after the hard-left Syriza party comes to power in Greece.

Trading here, the Greece ETF (GREK-4.6%) and the National Bank of Greece (NBG-8.3%).

The rest of Europe, however, continues to enjoy the ECB's QE program, and the Stoxx 50 (NYSEARCA:FEZ) is higher by 0.9%, led by Italy (NYSEARCA:EWI) and Spain (NYSEARCA:EWP) each up 1.15%.

The euro (NYSEARCA:FXE) sunk below $1.11 in knee-jerk trade last night, but has reversed to $1.1278, up 0.7% on the session.

Meanwhile, European officials - led by Germany's Angela Merkel - move quickly to shoot down any idea of relaxed terms on Greece's bailout. On their mind, no doubt, is the striking success of Syriza yesterday possibly energizing other anti-austerity, left-wing movements elsewhere on the continent. The eurocrats don't want to give the idea that eased bailout conditions await new governments.